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What is Amortization?

Amortization is one of those words everyone has heard but few really understand. Basically, amortization is the preset schedule of mortgage loan payments, including interest, over time. Generally the payments are scheduled monthly over a period of 15 or 30 years. You know you love a good amortization schedule. How else would you and your clients understand how much is being paid in principal and interest over the years?

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